1) Strategy & Leadership - Schindler reported a record operating profit in H1 2026, with a focus on maintaining operational momentum despite industry challenges. - The company continues to pursue profitable growth, emphasizing stability and long-term support for customers amidst competitor mergers. - Schindler's modular platform is gaining traction, particularly in Europe, enhancing installation efficiencies and competitiveness.

2) Financial & Segment Results - Order intake grew 2.9% in local currencies, driven by a 13% increase in modernization orders, while new installations outside China showed high single-digit growth in value and low double-digit growth in units. - Revenue growth was modest at 1.4% in H1, attributed to a challenging comparison from the previous year and timing issues with larger modernization projects. - Operating margin expanded to 13.2%, with a net profit margin exceeding 10% for the first time, reflecting operational improvements.

3) Problems / Headwinds - The Chinese market remains a significant headwind, with new installation orders declining by double digits, and the outlook for recovery remains uncertain. - Increased costs from logistics, fuel, and commodities are anticipated, with an estimated additional inflation impact of CHF 35 million in H2. - Currency fluctuations have also posed challenges, with a revenue impact of CHF 233 million in H1 due to FX headwinds.

4) Operational or Product Plans - Schindler plans to accelerate its modernization business, which is expected to grow strongly in the second half of the year. - The company is implementing pricing actions and efficiency measures to mitigate cost pressures, including adjustments in its supply chain. - Upcoming product launches and the rollout of standardized modernization packages are expected to enhance competitiveness and drive growth.

5) Guidance & Outlook / Investor Angle - Schindler maintains its full-year guidance for revenue growth of low to mid-single digits, anticipating an acceleration in the second half. - The company expects strong double-digit growth in modernization and mid-single-digit growth in service, while new installations are projected to gradually improve. - The Capital Markets Day scheduled for November will provide further insights into midterm strategies and operational plans.

Bottom line: Schindler is navigating a challenging environment with a strong operational focus and innovative product strategies, aiming for growth in modernization and service segments while managing headwinds in new installations, particularly in China. The outlook remains cautiously optimistic, with expectations for improved performance in the second half of 2026.